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Monday, February 6

6th Feb - Red Monday in Europe



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EUROPE
What might the Eurozone crisis have looked like without the Euro? Raja Korman

Saving the euro from itself is a work in progress for the ECB's Draghi – BI
ECB sees seeds of next crisis in Trump deregulation plan – Reuters

Trump Ghost Looms Over EU Summit as Leaders Push Back – BB
EU Set to Renew Its Russia Blacklist – BB

Most British voters now approve of May's approach to Brexit: poll – Reuters

  GERMANY
Schäuble says ECB keeps euro ‘too low’ for Germany – FT
Schauble: Euro Is "Too Low" For Germany, Blames Mario Draghi – ZH
Poll gap between Merkel's conservatives, Social Democrats shrinks to 4 points – Reuters
Chancellor Schulz after the September election?Nordea

  FRANCE
Le Pen Kicks Off Campaign Echoing Trump: Highlights From Manifesto – ZH
Marine Le Pen’s plan to make France great again – Politico
Le Pen kicks off campaign with promise of French 'freedom' – Reuters
France’s Marine Le Pen Unveils Presidential Platform Measures – BB
Fillon Scandal Boosts Macron With France Inc. in Elysee Race – BB
France's Macron attacks Le Pen as frontrunners campaign in Lyon – Reuters
Macron Warns on U.S. Global Role, Welcomes Innovators to France – BB
French Spread Blows Out After Fillon Announces Unexpected Press Conference – ZH
Marine Le Pen’s Plan to Break Up the Euro BB
An unworkable economic plan is mixed with unvarnished xenophobia – FT


UNITED STATES
El Erian: The January Jobs Report's Messages and Implications – BB
February Macro Update: Strong Start to 2017 – Fat Pitch
View: How Big Government Has Outlasted Presidents for a CenturyBB

  TRUMP
Noah Smith: Trump Isn't All Wrong About Currency Manipulation – BB
Trump Says Obamacare Replacement Could Take Until Next Year – BB
Goldman Sachs Are Starting to Worry About President Trump – BB


OTHER
Japan's Mr Yen says dollar could fall below 100 yen by end-2017 – Reuters
JPM: Trend Turning Points Occurring At The Fastest Pace In HistoryZH
The Market Wizard's Wizard - An Interview With Jack Schwager – ZH
COT: Bullish dollar bets at four-month lowTF 
COT: Selling in grains outweighs copper, crude buyingTF

Macro Monday: Pro-business president makes his mark TF
The monetary policy focus will shift downunder this week with both the RBA and the RBNZ to announce monetary policy decisions. Meanwhile the pro-business deregulation-minded and protectionist stance of the US administration is starting to make its mark.


REGULARS
Morning Report APACTF
Asian markets opened up today following a strong lead from Wall St on Friday. Meanwhile a key focus will be China's Caixin Services PMI.

FirstFTFT
Article 50 bill reaches final stages, the death of the US factory dream, and how to always get what you want

WSJ CityWSJ
Bankers Bullish on 2017, Ryanair Profit Falls

Danske DailyDanske Bank

Eye-OpenerNordea
Rates and USD down on mixed payrolls report, NOK performs * German orders today * Lower yields after jobs report * USD dented by soft earnings growth

Morning MarketsTF
Donald Trump's plan to roll back the Dodd-Frank act looks likely to see European indices rise Monday on the back of a likely lift for the banking sector as the new president turns his attention to regulations set in place after the great financial crisis of 2008.

From the FloorTF
Jitters about the French presidential elections are driving a flight to quality in core bonds, benefiting Bunds, with European sovereign spreads widening. In equity markets, financial stocks are in focus after US president Donald Trump met with financial industry leaders to discuss rolling back the Dodd-Frank regulations.

Daily Market CommentMarc Chandler
The Dollar: Real or Nominal Rates?

Daily Press SummaryOpen Europe

Brussels PlaybookPolitico

Five Things You Need to Know to Start Your DayBB

10 things you need to know before the opening bellBI

US OpenZH
Global Stocks, US Futures Rise Despite Growing Political Tension In Europe

FrontrunningZH

FX UpdateTF
US dollar bulls were frustrated by a slowdown in earnings rises in January keeping the USD outlook sidelined for now. Elsewhere AUD looks overextended if the RBA doesn’t support recent strength with a hawkish change of guidance.


FINNISH
AamukatsausNordea
Saksalla hyvä vire päällä * Fedin kolme koronnostoa epätodennäköinen työllisyyslukujen valossa * Huomenna julkistetaan USA:n joulukuun JOLTS-raportti * Saksan vuoden 2016 kauppataseen ylijäämä todennäköisesti ennätyskorkea

Yhteisestä rahasta tuli Euroopan julma hajottajaSK
ESSEE: Euron synnytys muistuttaa rikollista ihmiskoetta, Euro otettiin käyttöön puoli vuosisataa liian aikaisin, arvioi professori Markku Kuisma.